Our clients had purchased the security 6mths prior for £195,000 and had spent £114,151 on refurbishing the property to a 6 bed licenced HMO with an end value of £410,000 (investment value) A private investor had a first charge over the security which the clients were looking to repay and capital raise for further property investment.
Security; 6 bed licenced HMO
Value; £410,000 (investment value)
Loan; £307,500 (75% LTV)
Repayment; Interest only with 15% capital repayment